A bill that would provide $30 billion in loans to auto suppliers and other small to midsized manufacturers to help them retool for the clean energy industry was announced Wednesday by U.S. Sen. Sherrod Brown.
If passed, the Investments for Manufacturing Progress and Clean Technology (IMPACT) Act of 2009 would establish a revolving loan program.
The program would provide access to financing for eligible manufacturers — employing 500 or fewer people — to expand or establish domestic clean energy manufacturing operations as well as improve energy efficiency.
"We can revive American manufacturing through investments in clean energy," said Brown, D-Ohio.
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